RNC goes into debt to fund Congressional Races

As it builds its campaign war chest for congressional races this fall, the Republican Party's national organizing body has taken out a $10 million line of credit to cover its financial shortfall, The National Journal reported.

The Republican National Committee's budget committee said the money will be used exclusively for its Victory program, which focuses on rallying GOP voters to the polls for the November midterm elections.

RNC sources told the Journal that some party leaders, including chairman Michael Steele (pictured), were opposed to the deficit spending, but the money was seen as key to helping win back seats held by Democrats.

The Journal notes that simply taking out a line of credit does not mean the RNC immediately incurs debt. But it gives the party easy access to cash it can use as Election Day nears and races tighten up. Both Republicans and Democrats have taken out similar credit lines in the past.

Last month, The Washington Times reported that the RNC failed to report more than $7 million in debt this year, making it appear to be in better financial shape than it was. The Times said RNC Treasurer Randy Pullen discovered $3.3 million in debt from April and $3.8 million in May after earlier filing incorrect reports with the Federal Election Commission.